Tesla sales plunge in Europe; stock flat

Tesla TSLA.O stock up 1% Wed even data showed a 76% slump in its Feb car sales in Germany, adding to declines across Europe as the electric vehicle maker faces a brand loyalty test as CEO Elon Musk plays prominent role in U.S. President Donald Trump's administration

TSLA shares nearly doubled in weeks following Trump's Nov. 5 election, which helped by financial backing of Musk. Following a selloff since December peak, TSLA shares down ~32% YTD but still up ~8% from just before the election

Sales declines follow Musk's involvement in Trump administration and his support for Germany's far-right parties, potentially impacting brand loyalty in Europe

TSLA sales also plunged in Scandinavia and France in February, data this week showed

Outside Europe, Tesla saw a 66% drop in Australia and a 49% decline in China due to competition

Despite a 21% rise in UK sales, Tesla lagged behind the 42% overall rise in EV sales there

TSLA's forward PE now at 92x, in line with its five yr avg and down from a peak of 151 in December, per LSEG